Hitachi Selling 60% of its Home Appliance Business to Turkish Company

Source: Tanjug Monday, 14.12.2020. 11:36
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The Japanese company Hitachi Ltd is in the final phase of the negotiations about the sale of a 60% stake in the foreign home appliance business to the Turkish company Arcelik A.S. for around EUR 300 million.

Informed sources have confirmed this to the Kyodo news agency and specified that the Japanese conglomerate is planning to sell a share in the business run by its home appliance company Hitachi Global Life Solutions Inc, because it thereby wants to establish sales channels in Europe and other markets abroad through the networks of the Turkish company.

Hitachi is currently making great efforts to bring the focus back to its core activities, such as infrastructure and information technologies, through restructuring.

As part of these efforts, the company is considering a sale of the entire or partial share in its subsidiaries Hitachi Construction Machinery Co. and Hitachi Metals Ltd, according to the mentioned sources.

Hitachi Ltd, with the home appliance company, reported sales of USD 4.5 billion in a year’s period, concluding with March 2020, mostly in the domestic market.

China and other Asian states are still the main foreign markets for this company, the news agency reports.
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